Royal Philips NV said it would cut 4,000 jobs in a bid to turn around its embattled business, as it grapples with supply-chain challenges and the fallout from a huge recall of devices used to treat sleep apnea.
The Dutch healthcare conglomerate said Monday that the job cuts, which amount to about 5% of its 80,000-strong workforce, would simplify its operations and save about 300 million euros, equivalent to about $296 million, a year.